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Hans Hoogervorst outlines the progress of improvements to the IFRS Standards and further changes that are on the horizon

  • IFRS - IASB Image
  • IFRS  - Speech Image

Dec 10, 2015

On December 10, 2015, during the 2015 annual AICPA Conference, IASB Chairman Hans Hoogervorst spoke about the IFRS developments during 2015 and what to expect in the upcoming year.

Mr. Hoogervorst talked about the near-completion of the decade-long programme of convergence with the Financial Accounting Standards Board (FASB), which has delivered improved standards for revenue recognition and leases.  He said the joint work on the Revenue Standard had been a success that few would have thought possible 10 years ago, resulting in companies all over the world using the same Standard for reporting their top-line results.

Next, Mr. Hooger­vorst went on to talk about the expanded use of IFRS in Asian countries, specif­i­cally outlining progress made in Japan, India, and China, and provided an example of how far the acceptance of IFRS has come in the US. However, he noted that “the next several years are unlikely to bring big progress toward domestic use of IFRS in the United States. Still, there are substantive American interests at stake. IFRS strips out significant costs for American investors, multinational preparers and global accounting networks. More generally, the US has a big interest in a strong infrastructure for the global economy, of which IFRS is an important part.”

The full transcript of the speech is available on the IASB’s Web site.

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